Special investment contract for the creation of permanent rare-earth magnets production was signed at the Exposition

A special investment contract for the creation of a large-capacity production facility for permanent rare-earth magnets was signed at the RUSSIA EXPO in the presence of Denis Manturov, Deputy Prime Minister of the Russian Federation - Minister of Industry and Trade of the Russian Federation, and Alexander Brechalov, Head of the Republic of Udmurtia.

The document was signed by Alexei Besprozvannykh, Deputy Minister of Industry and Trade of the Russian Federation, Andrei Andrianov, CEO of Rusatom MetalTech (part of Rosatom's Fuel Company TVEL), and Valentin Fetisov, Director of Elemash Magnet company.

The implementation of the special investment contract will make it possible to cover the needs for supplies of localized magnetic products to customers for wind power plant projects under the concluded capacity supply agreements, electric power projects and other industries. The SPIC is planned to be implemented on the territory of the city of Glazov in the Udmurt Republic, Udmurtia will gradually ensure full localization of manufactured and sold products.

"Within the framework of the project it is planned to create a plant for large-capacity full-cycle production of permanent rare-earth magnets in the Republic of Udmurtia, with a design capacity of about 1,000 tons of magnets per year. The new plant will guarantee import substitution of supplies of permanent magnets - the most important components for such industries as wind power and electric transport, and will also give an impetus to the development of mining and processing projects in the field of rare and rare-earth metals. This will ensure constant demand for a number of key rare earth elements," said Denis Manturov, Deputy Prime Minister and Head of the Russian Ministry of Industry and Trade.

"By 2028, it is planned to reach a production capacity of about 1,000 tons per year of permanent rare earth magnets based on domestic mineral raw material base, while there is a prospect of expanding production to 3,000 tons after 2030. The special investment contract signed today clearly demonstrates that creating a large-capacity production of permanent rare-earth magnets is crucial for the country," said Andrei Andrianov, CEO of Rusatom MetalTech.

In addition, in the presence of Deputy Prime Minister Denis Manturov, Alexei Gruzdev, Deputy Minister of Industry and Trade of the Russian Federation, and Stanislav Prokofiev, Rector of the FSEBI HPE "Financial University under the Government of the Russian Federation", signed a Cooperation Agreement between the Ministry of Industry and Trade of Russia and the Financial University.

The agreements will deal with the issues of training and recruitment of personnel, scientific research, implementation of joint projects, including projects under the Financial University Development Program, as well as the organization of practical training and internships conducted in the central office of the Ministry of Industry and Trade of Russia and trade missions of the Russian Federation in foreign countries.